Royce & Associates LP Reduces Holdings in IAC Inc. (NASDAQ:IAC)

Key Points

• Royce & Associates LP reduced its stake in IAC Inc. by 8.5%, selling 25,692 shares, and now holds 278,157 shares valued at approximately $12.78 million as of the latest SEC filing.
• IAC reported a quarterly loss of ($2.80) EPS, exceeding analysts' expectations of ($3.94) EPS, despite revenue falling 8.6% year-over-year.
• Analysts have lowered their price targets for IAC, with KeyCorp reducing its target from $64 to $49, reflecting a conservative outlook on the stock.

Royce & Associates LP lowered its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 8.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 278,157 shares of the company's stock after selling 25,692 shares during the period. Royce & Associates LP owned approximately 0.36% of IAC worth $12,779,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of IAC. Commonwealth Equity Services LLC increased its holdings in IAC by 2.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,532 shares of the company's stock worth $497,000 after purchasing an additional 320 shares in the last quarter. Bleakley Financial Group LLC increased its position in IAC by 1.0% in the first quarter. Bleakley Financial Group LLC now owns 33,097 shares of the company's stock worth $1,520,000 after buying an additional 324 shares during the last quarter. Versant Capital Management Inc grew its position in shares of IAC by 118.6% in the first quarter. Versant Capital Management Inc now owns 680 shares of the company's stock valued at $31,000 after purchasing an additional 369 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of IAC by 282.2% in the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after purchasing an additional 429 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its stake in IAC by 287.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company's stock valued at $27,000 after buying an additional 457 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

IAC Trading Up 0.2%

Shares of IAC stock traded up $0.09 on Friday, hitting $40.65. 1,023,827 shares of the company traded hands, compared to its average volume of 676,933. The stock's 50 day moving average price is $38.02 and its 200-day moving average price is $40.02. The company has a market cap of $3.01 billion, a PE ratio of -4.20 and a beta of 1.23. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30. IAC Inc. has a 52 week low of $32.04 and a 52 week high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($2.80) EPS for the quarter, beating the consensus estimate of ($3.94) by $1.14. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. The company had revenue of $570.49 million for the quarter, compared to analyst estimates of $809.18 million. During the same period in the prior year, the company earned $0.51 earnings per share. The firm's revenue was down 8.6% on a year-over-year basis. Equities research analysts predict that IAC Inc. will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IAC shares. The Goldman Sachs Group decreased their price objective on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Piper Sandler reduced their price target on IAC from $54.00 to $44.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. JPMorgan Chase & Co. reduced their price target on IAC from $60.00 to $45.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Barclays reduced their target price on IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Finally, Citigroup lowered their price objective on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, IAC presently has an average rating of "Moderate Buy" and an average price target of $54.08.

IAC Company Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.